TMZ.com reports that Ryan O’Neal has filed a defamation suit over reports that he might have stolen his Warhol portrait of Farrah Fawcett which the University of Texas has been asking after. Erroneous reports in the press call the painting a $30m picture. The work’s real value is a minor fraction of that number which seems to have derived from recent sales of Warhol’s self portraits:

O’Neal insists the other portrait is his — given to him by Warhol, who was a close personal friend.  He says it’s one of his most  “prized possessions and a precious memento of his life with Ms. Fawcett.”

Ryan O’Neal Sues Over Warhol Portrait of Farrah (TMZ.com)